Barclays to cut interest rates on tracker mortgages by 0.5%

Barclays to cut interest rates on tracker mortgages by 0.5%
Barclays (LON:BARC) have said that they are to cut the interest rates on its tracker mortgages by 0.5%, meaning that they are passing on the full Bank of England (BoE) rate cut. Those with a tracker mortgage under the Woolwich brand will see a reduction in their payments from 1 April.

Those with a new tracker mortgage will see these revised rates from 6 March. Barclays are also to reduce interest rates on their other products; this also includes business overdraft rates, as well as a majority of local business loans.

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managing director of mortgages, mark Parsons has said that current and savings accounts will be kept at current levels. Most savers are already feeling the pinch from recent interest rate cuts, so Barclay’s decision to keep the rates at current levels will be welcomed by their customers.

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